February 16th, 2005

NORTHFIELD — The Riverfront Redevelopment Project took a significant step forward Monday, as the Northfield City Council unanimously approved a motion to accept a preliminary development agreement between the city and Mendota Homes.

Mendota Homes, a Little Canada-based developer, has purchased nearly two acres in the seven-acre site with plans to turn the property into mixed-use development with a residential focus.

A report by city staff to council members stressed the six-month agreement is not a final development agreement.

However, the agreement does give Mendota Homes exclusive development rights as long as the developer can finish the project under the guidelines and requirements set by the city.

“This is an important step in the process,” said Brian O’Connell, the city’s community development director. “But we’re far from the end.”

Under the preliminary development agreement, Mendota Homes will be required to provide the city with a number of documents.

These include:

* A site plan within 45 days and building drawings within 60 days of the date of the preliminary development agreement.

* A development phasing scheduled indicating when financing will be secured and when construction will start.

* A preliminary financing plan.

* And a market feasibility report of the project.

In addition, Mendota Homes will be required to pay the city $10,000 as a non-refundable option payment. This payment will give Mendota Home the exclusive right to re-develop the site.

Mendota Homes also is responsible to pay $25,000 toward the city’s legal, financial and design review expenses. If more money is needed to offset expenses, that will be paid in $10,000 increments.

O’Connell pointed out that the redevelopment project will involve a significant amount of staff time.

– Michelle Kubitz

Reprinted with permission from the Northfield News.